NOTICE OF PUBLIC SALE ON MAY 13TH ASSETS OF CALUMET ABRASIVES CO., INC.
1. What is for sale? Certain items of machinery and equipment belonging to Debtor (defined below) and used in the manufacture of industrial abrasive cutting and grinding products (the “Collateral”). The Collateral includes, without limitation, molding presses, mixing equipment, testing equipment and support items.
2. Who is the Debtor? Calumet Abrasives Co., Inc., an Indiana corporation (“Debtor”).
3. Who is selling the Collateral? First Midwest Bank, an Illinois banking corporation (“Creditor”), as the holder and owner of certain credit agreements (including, but not limited to, certain business loan agreements, promissory notes, security agreements and other collateral documents) evidencing indebtedness, and securing payment thereof, owed by Debtor to Creditor.
4. When and where is the sale? The sale will be held on May 13, 2020 at 2:00 p.m. and will be conducted remotely using a call-in phone number which can be obtained as explained below.
5. How to get additional information?
- Interested parties wishing to obtain more information regarding the Collateral or wishing to inspect the Collateral should direct their inquiries to Sandor Jacobson at Plante Moran, 10 S. Riverside Suite 750, Chicago, IL 60606 (312) 928-5387.
- All inquiries regarding the sale process, including access to the teleconference phone number through which the sale will be conducted and information regarding bidding procedures should direct their inquiries to Kevin E. Steele at Burke Costanza & Carberry, 156 S. Washington Street, Valparaiso, IN 46383, (219) 769-1313 x214.
6. What are the sale procedures?
- This sale notice is made, and the sale is being conducted, in conformity with all applicable laws, including Sections 26-1-9.1-610 and 26-1-9.1-611 of the Indiana Code.
- Subject to the terms set forth herein, the Collateral will be sold to the highest bidder present on the teleconference call, with the proceeds being first applied to the costs and expenses of the sale and then to the indebtedness and other sums due and owing to Creditor by Debtor. A deposit by wire transfer or a certified or cashier’s check, in an amount equal to 25% of the intended bid price, will be required with each bid not less than 24 hours prior to the date of the sale.
- Upon completion of the bidding, Creditor shall return all deposits to the unsuccessful bidders and retain the deposit of the successful bidder as an earnest money deposit. Said successful bidder will be required to pay the balance of the bid price, by wire transfer or by cashier’s or certified check, within 48 hours following the time of sale. Failure to pay said balance will result in an automatic forfeiture of the earnest money deposit.
- In the event of a failure on the part of the successful bidder to pay the balance of the purchase price in accordance with the terms hereof, Creditor shall have the right to accept the bid of any other bidder that was present on the teleconference call, subject to such bidder’s reaffirmation of his bid, and Creditor shall have no obligation to reconvene the sale, accept additional bids or notify any other bidders of Creditor’s acceptance of such bid.
- Upon payment in full of the bid price, the successful bidder will receive from Creditor a Quit Claim Bill of Sale transferring to such bidder, for value, all of the Debtor’s rights in the Collateral (or such portion thereof as to which the successful bid pertains), free of Creditor’s security interest in such Collateral and free of all other liens upon such Collateral, if any, that may be subordinate to the Creditor, to the extent and as provided for and contemplated by Section 29-1-9.1-617 of the Indiana Code.
- Creditor reserves the right to bid at the sale without deposit as required for other bidders or to reject all bids and either withdraw the Collateral from sale, adjourn the sale to a later date, conduct a public sale at a later date and/or afford to any party that was present on the teleconference call the opportunity of submitting a new or revised bid.
- THE SALE OF THE COLLATERAL DESCRIBED HEREIN WILL BE MADE “AS IS WHERE IS”. CREDITOR WILL MAKE NO REPRESENTATIONS OR WARRANTIES OF ANY KIND OR TYPE AS TO THE QUALITY OR FITNESS FOR ANY PURPOSE OF SUCH COLLATERAL AND ALL WARRANTIES OF TITLE AND QUIET ENJOYMENT ARE, AND UPON CONVEYANCE WILL BE, EXPRESSLY DISCLAIMED.
- Sale of Collateral hereunder is made FOB Debtor’s shipping dock or, as to a certain item of Collateral, FOB L & M Storage.
7. Is there additional information of interest to the Debtor? Yes. An accounting of Debtor’s unpaid indebtedness to Creditor that is secured by the Collateral may be obtained by Debtor by inquiry directed to Brian Conti, 8750 West Bryn Mawr Avenue, Suite 1300, Chicago, IL 60631 (708) 831-7263. Creditor reserves the right to seek judgment against Debtor for any and all deficiencies remaining due after said sale and reserves the right to proceed against any other collateral securing payment of the indebtedness of Debtor to Creditor to satisfy such deficiency.
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